The present invention relates to a toolholder for use in connection with the grinding of conventional flat-tipped screwdrivers such that the driving tips are provided with a hollow ground shape. The toolholder is intended to maintain the screwdriver in a relative fixed position on a magnetic bed of a grinding machine. The bed, with toolholder and screwdriver held thereon are moved with respect to a grinding wheel of the machine which wheel has an outer circumferential grinding surface. By contacting the tip of the screwdriver against the circumferential grinding surface of the grinding wheel, a hollow ground configuration can be obtained from the otherwise flat tip of a screwdriver. Hollow ground tips for screwdrivers have been shown to have great advantages over conventional flat screwdriver tips in that the hollow ground tips substantially eliminate slipping or pulling out of the screwdriver tip from the slot of screws sought to be driven by the screwdriver and, correspondingly, hollow ground tips provide a much better "grip" between the screwdriver tip and the screw being driven. Less power is needed to maintain the tip of the screwdriver in the slot of the screw and, thus, more power can be used to drive the screw. The advantages of hollow ground screw tips for screwdrivers are well-known. However, screwdrivers, provided with hollow ground tips have not met with as wide spread commercial success as would be otherwise expected since the manufacture of the tips has, in the past, been relatively expensive, and, therefore the retail price to the ultimate consumer of these screwdrivers has not been able to be achieved at a sufficiently low price to warrant purchase. The present invention relates to a toolholder capable and intended to be used in mass producing hollow ground screw tips from conventional flat tip screwdrivers. It should be appreciated that the mass production in a minimum of time of these hollow ground screwdrivers can result in mass marketing of the screwdrivers with attendant decrease in unit cost. The present invention relates to a toolholder, i.e. a screwdriver holder, for use in connection with a magnetic movable bed used in connection with a grinding wheel for grinding the tip of a screwdriver into a hollow ground configuration.